Key Takeaways:
- USDe, a stablecoin by Ethena Labs, is now available on Solana and integrated with Solana-based DeFi protocols.
- Users can potentially use Solana (SOL) as collateral for USDe loans, pending Ethena (ENA) token holder approval.
- Users can earn Ethena Sats, convertible to ENA, by providing liquidity or using USDe as collateral.
USDe, a stablecoin by Ethena Labs, is now available on Solana and integrated with multiple Solana-based DeFi protocols, including Kamino Finance, Orca, and Drift, as announced on August 7.
This launch allows users to use Solana (SOL) as collateral for USDe loans, pending approval from Ethena (ENA) token holders.
USDe is live on Solana as of today, August 7th
— Ethena Labs (@ethena_labs) August 7, 2024
Read below for a list of our app integrations with USDe and sUSDe 👇 pic.twitter.com/vik1qESbN5
USDe was previously available only on Ethereum, backed by Lido Staked Ethereum (stETH) and short positions in Ethereum perpetual futures.
Users can now earn Ethena Sats, convertible to ENA, by providing liquidity or using USDe as collateral.
Ethena Labs will vote on whether SOL can be used as collateral for USDe loans, though shorting SOL may be delayed due to limited data.
gm DeFi enjoyers – today, @ethena_labs added Solana support and is bringing their synthetic USDe dollar to Solana!
— Solana (@solana) August 7, 2024
USDe is a crypto-native synthetic dollar that aims to solve the problem of scalability and censorship resistance in stablecoins.
Learn more in the next tweet. pic.twitter.com/EzEkqYsZZt
Supporters highlight USDe’shigh, safe yield, while critics question its long-term sustainability.
Ethena Labs’ founder asserts the yield’s legitimacy, emphasizing its verifiability and genuine revenue sources.
About The Author
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